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Peer-to-peer lending is hypothesized to help equalize economic opportunities for the world's poor. We empirically investigate the "flat-world" hypothesis, the idea that globalization eventually leads to economic equality, using crowdfinancing data for over 660,000 loans in 220 nations and territories made between 2005 and 2013. Contrary to the flat-world hypothesis, we find that peer-to-peer lending networks are moving away from flatness. Furthermore, decreasing flatness is strongly associated with multiple variables: relatively stable patterns in the difference in the per capita GDP between borrowing and lending nations, ongoing migration flows from borrowing to lending nations worldwide, and the existence of a tie as a historic colonial. Our regression analysis also indicates a spatial preference in lending for geographically proximal borrowers. To estimate the robustness for these patterns for future changes, we construct a network of borrower and lending nations based on the observed data. Then, to perturb the network, we stochastically simulate policy and event shocks (e.g., erecting walls) or regulatory shocks (e.g., Brexit). The simulations project a drift towards rather than away from flatness. However, levels of flatness persist only for randomly distributed shocks. By contrast, loss of the top borrowing nations produces more flatness, not less, indicating how the welfare of the overall system is tied to a few distinctive and critical country-pair relationships.

Emotions are increasingly inferred linguistically from online data with a goal of predicting off-line behavior. Yet, it is unknown whether emotions inferred linguistically from online communications correlate with actual changes in off-line activity. We analyzed all 886,000 trading decisions and 1,234,822 instant messages of 30 professional day traders over a continuous 2 year period. Linguistically inferring the traders' emotional states from instant messages, we find that emotions expressed in online communications reflect the same distributions of emotions found in controlled experiments done on traders. Further, we find that expressed online emotions predict the profitability of actual trading behavior. Relative to their baselines, traders who expressed little emotion or traders that expressed high levels of emotion made relatively unprofitable trades. Conversely, traders expressing moderate levels of emotional activation made relatively profitable trades.

Users online tend to select information that support and adhere their beliefs, and to form polarized groups sharing the same view-e.g. echo chambers. Algorithms for content promotion may favour this phenomenon, by accounting for users preferences and thus limiting the exposure to unsolicited contents. To shade light on this question, we perform a comparative study on how same contents (videos) are consumed on different online social media-i.e. Facebook and YouTube-over a sample of 12M of users. Our findings show that content drives the emergence of echo chambers on both platforms. Moreover, we show that the users' commenting patterns are accurate predictors for the formation of echo-chambers.

Tracking the volume of keywords in Internet searches, message boards, or Tweets has provided an alternative for following or predicting associations between popular interest or disease incidences. Here, we extend that research by examining the role of e-communications among day traders and their collective understanding of the market. Our study introduces a general method that focuses on bundles of words that behave differently from daily communication routines, and uses original data covering the content of instant messages among all day traders at a trading firm over a 40-month period. Analyses show that two word bundles convey traders' understanding of same day market events and potential next day market events. We find that when market volatility is high, traders' communications are dominated by same day events, and when volatility is low, communications are dominated by next day events. We show that the stronger the traders' attention to either same day or next day events, the higher their collective trading performance. We conclude that e-communication among traders is a product of mass collaboration over diverse viewpoints that embodies unique information about their weak or strong understanding of the market.

Digital communication data has created opportunities to advance the knowledge of human dynamics in many areas, including national security, behavioral health, and consumerism. While digital data uniquely captures the totality of a person's communication, past research consistently shows that a subset of contacts makes up a person's "social network" of unique resource providers. To address this gap, we analyzed the correspondence between self-reported social network data and email communication data with the objective of identifying the dynamics in e-communication that correlate with a person's perception of a significant network tie. First, we examined the predictive utility of three popular methods to derive social network data from email data based on volume and reciprocity of bilateral email exchanges. Second, we observed differences in the response dynamics along self-reported ties, allowing us to introduce and test a new method that incorporates time-resolved exchange data. Using a range of robustness checks for measurement and misreporting errors in self-report and email data, we find that the methods have similar predictive utility. Although e-communication has lowered communication costs with large numbers of persons, and potentially extended our number of, and reach to contacts, our case results suggest that underlying behavioral patterns indicative of friendship or professional contacts continue to operate in a classical fashion in email interactions.